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The HIT has committed $100 million in financing for a new state-of-the-art replacement facility for the Elizabeth Seton Pediatric Care Center in New York. Currently occupying leased space in Manhattan, the Seton Center is moving to a 6.5 acre site in Yonkers, where a new 165,000-square-foot permanent home will be built, featuring a 137-bed inpatient center and an on-site school for resident children.
Established by the Sisters of Charity of New York in 1987, the non-profit Seton Center provides skilled nursing care to medically fragile children with complex medical diagnoses and disabilities from birth to age 21. The Center primarily serves lower-income patients covered by Medicaid reimbursement and is one of only five stand-alone, pediatric skilled-care nursing facilities in the state of New York.
The HIT is providing financing through the purchase of $100 million of FHA-insured taxable Ginnie Mae construction loan certificates and a permanent loan certificate.
Work on the new facility is expected to generate more than 800 jobs for members of the local building and construction trades unions. There is also an existing collective bargaining agreement covering the operational staff, which will carry over to the new facility.
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